Are they losing control?
China/Hong Kong Money Markets "broke" overnight – amid tightening liquidity from PBOC – and that seemed to stir problems around the world…
Draghi's disappointing lack of MOAR sparked selling…
Something was different about today… The dip was bought BUT it didn't hold…
Trannies were green again today…and Nasdaq lost ground
But The Dow was unable to get green on the week… (thanks to AAPL)
Despite the "great news" that bond yields are rising, US financials disappointed (but Energy stocks soared)…
But it is Retail/Consumer-focused stocks (h/t Doug Kass) that are notably rolling over as Nasdaq makes record highs…
And AAPL was monkey-hammered… worst day in 3 months…
The USD Index rose today as early EUR weakness on Draghi disappointment was turned around into panic selling for no good reason but oil's strength…
Bond markets were a bloodbath today after what appears like proxy panic selling out of Japan combined with Draghi disappointment…
The 9bps spike in 30Y Treasury yields was the biggest spike since Dec 2015…as 30Y yield tests the top of its 2 month range again…This was 30Y Yield's highest close since June 24th – when Brexit hit
Bonds and Stocks recoupled (buit bonds overshot)
Silver and gold lagged modestly on the day as Crude soared…
Today's almost 5% spike in crude is the biggest in 5 months…
But oil's spike failed to help stocks…
Charts: Bloomberg
Bonus Chart: Time to dust off the Gold vs Japanese VaR shock chart…
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